Broadridge Financial Solutions, Inc. (NYSE:BR), a global Fintech leader and part of the S&P 500® Index, today announced that Navy Federal Credit Union (Navy Federal), the largest retail credit union in the US with over $97 billion in assets, has successfully gone live on Broadridge’s Mortgage-Backed Securities (MBS) Expert SaaS platform.
Navy Federal is the first credit union that has been brought live on Broadridge’s fixed income MBS Expert SaaS platform. MBS Expert is Broadridge’s mortgage-backed securities processing solution that is engineered to give its users a competitive advantage in this multi-trillion dollar market. The platform provides advanced functional capabilities to support front, middle and back office operations. MBS Expert seamlessly integrates with a client’s existing electronic trading platform and front and back office infrastructure, diminishing client start-up costs. Broadridge’s MBS Expert SaaS platform is used by 30+ firms including the largest Fixed Income Clearing Corporation (FICC) clearing members and asset managers.
“MBS Expert was the right choice to support our expanding business needs, and we have transacted over $2 billion worth of MBS trading leveraging MBS Expert,” said William Tabri, Manager of Capital Markets at Navy Federal Credit Union. “Navy Federal is now a full-clearing member of the FICC’s MBS Division, availing us of the entire range of MBS related services. Aside from leveraging the new relationships with other FICC member firms, we will benefit from decreased counterparty risk and a centralized margining process through the FICC.”
Broadridge is excited to support our clients as they continue to expand and grow their business, and we are delighted that Navy Federal has chosen to use MBS Expert to manage its mortgage-backed processing needs,” said Vijay Mayadas, president of Global Fixed Income, Broadridge. “Our MBS Expert SaaS offering is another example of Broadridge leveraging leading technology-driven solutions that set the standard in capital markets to help clients get ahead of today’s challenges. Broadridge’s delivery of MBS Expert minimizes the time to market and expense typically associated with implementing MBS processing solutions, enabling Navy Federal to maximize its return on investment and better focus operating and staffing resources on core business functions.”